VISAKHAPATNAM : The Competition Commission of India (CCI) on Monday said it has approved Adani Ports and Special Economic Zone Ltd’s acquisition of 10.40 per cent stake in Gangavaram Port.
“Commission approves proposed acquisition of 10.40 per cent equity shareholding of Gangavaram Port by Adani Ports and Special Economic Zones Ltd,” the fair trade regulator said in a tweet.
In a combination notice filed with the antitrust watchdog, Adani Ports had said it would acquire 10.40 per cent stake in Gangavaram Port Ltd from the Andhra Pradesh government.
The Andhra Pradesh government has already approved the proposal of acquisition of 10.4 per cent stake in the port for Rs 644.78 crore, the Adani Group company had said in an exchange filing last month.
“The acquisition is in line with company’s strategy of East Coast to West Coast parity and will provide an access to growth from new hinterland markets as it has coverage in resource rich and industrial belt in eastern, central and southern India,” the company said.
Adani Ports is a multi-port operator that provides integrated port infrastructure services. It is currently present across 11 domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
Gangavaram Port handles various types of dry bulk and break bulk cargo. In FY21, the multi-cargo facility handled 32.81 MMT of cargo. It has a capacity of 64 MMT.